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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
+44.1%
€4.32
vs €3.00 price
Levered DCF
€1.58
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
4.06
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E17×33.42×13.33×9.5×10.88×10.29×19.07×13.61×
P/B1.16×1.03×1.95×1.9×2.5×1.45×1.96×2.7×
P/S1.25×1.13×1.63×1.44×1.92×1.43×1.69×2.22×
EV / EBITDA5.22×6.45×6.39×4.77×5.81×5.91×7.71×6.75×
Gross margin10.4%50.6%30.6%32.2%32.8%31.2%29.3%36.7%
Operating margin10.3%5.9%17.0%20.0%22.4%10.6%9.7%20.4%
Net margin7.4%3.4%12.2%15.0%17.6%13.8%9.1%16.2%
Current ratio6.53×5.33×4.29×3.7×3.71×4.85×3.77×3.4×
Debt / equity0.07×0.05×0.04×0.01×0.02×0.04×0.06×0.05×
Interest coverage19.56×9.49×33.54×284.75×376.24×88.86×44.1×538.14×
Dividend yield0.0%2.1%2.2%2.6%1.2%2.5%2.1%2.4%
Payout ratio0.0%69.9%29.4%24.9%12.6%26.1%38.4%33.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity6.9%3.1%14.7%19.8%23.0%14.0%10.6%19.7%
Return on invested capital6.4%3.1%12.5%19.2%21.9%10.1%10.0%18.9%
Return on assets5.0%2.2%10.1%14.4%16.6%10.9%7.7%13.8%
Free cash flow yield7.4%5.0%-11.8%3.1%5.0%9.3%3.2%2.1%
Earnings yield6.0%3.0%7.5%10.4%9.2%9.7%5.4%7.3%
Enterprise value€30.3M€22.7M€50.9M€40.2M€46.3M€19M€25.3M€33.4M
Net debt / EBITDA-1.16×-2.28×-0.85×-1.04×-1.07×-1.98×-1.84×-1.55×
Cash conversion cycle (days)214331239149117140141120